Uranium miner Toro Energy has lined up $12 million in debt finance to fund the completion of a definitive feasibility study at its Wiluna uranium project.
Toro announced today that it had signed a $12 million convertible debt facility with Macquarie Bank, taking its working capital up to $19.5 million.
Toro said the three-year facility would comprise an initial $8 million tranche which can be drawn down on in the fisrt half of 2013, and a second $4 million tranche which will be made available following receipt of federal government approvals for the Wiluna mine.
"Toro welcomes Macquarie Bank as a significant new stakeholder and looks forward to working with Macquarie in moving the Wiluna uranium project forward through the financing phase," Toro managing director Greg Hall said.
At close of trade today, Toro stocks steady at 13 cents, with just over 1.5 million securities changing hands.